Cambodia’s bicycle exports significantly impacted, reflecting decline of nearly 20% in the first 11 months of 2024
Cambodia’s bicycle exports significantly impacted, reflecting decline of nearly 20% in the first 11 months of 2024
According to a report released by the Ministry of Commerce on Tuesday, Cambodia’s bicycle exports experienced a decline of nearly 20 percent year-on-year during the first 11 months of 2024. The Southeast Asian nation exported bicycles, including electric bicycles, valued at $375.7 million from January to November of this year, representing a decrease of 19.7 percent from the $468 million recorded in the same period of the previous year.
The Secretary of State and Spokesperson for the Ministry of Commerce, Penn Sovicheat, indicated that the bicycles manufactured in Cambodia were primarily sold to European countries, the United States, and Canada, among others. He attributed the decline in exports to the global economic slowdown and the accompanying uncertainties, which have led to a substantial reduction in purchase orders.
Sovicheat further noted that bicycles constitute one of Cambodia’s key manufacturing export products, following garments, footwear, travel goods, car tyres, and notable agricultural commodities such as rice, rubber, cashew nuts, yellow bananas, mangoes, and longans. Currently, there are five bicycle manufacturing facilities operating within the country, all of which are situated in special economic zones in Bavet City, located in Svay Rieng Province along the border with Vietnam.
